Import permit requirement: Boric acid imports require CIB&RC registration and Customs release only on production of the permit.
Imports of boric acid require a certificate of registration/import permit from the CIB&RC and importers must declare possession of that certificate when filing the Bill of Entry. Absent the certificate/permit, consignments are non compliant with the import policy and Insecticides Act, subject to seizure and absolute confiscation under Customs procedures; goods may be released only against production of the required certificate/permit. Criminal penalties under the Insecticides Act apply for import without the certificate, and disposal of confiscated goods is governed by the Insecticides Act.

Service tax on international air travel applies to the full ticket value for non economy travel, subject to narrow exceptions.
Service tax is leviable on services to passengers embarking in India for international journeys in classes other than economy, charged on the total ticket value as a single composite service; stopovers abroad and included domestic sectors do not affect levy, round trip tickets are taxed on full value, journeys that both originate and terminate abroad but include an Indian disembark/embark sector are not taxable, and the service provider is liable irrespective of where the ticket was issued.

Lock-in exemption for venture capital pre-IPO shares restricted; minimum holding required before filing draft prospectus to qualify.
Amendments restrict the pre-IPO lock-in exemption for SEBI registered Venture Capital Funds and Foreign Venture Capital Investors so that only shares held for at least one year as on the date of filing the draft prospectus qualify; periods during which convertible instruments were held as fully paid up are included for computing the holding period, convertible instruments being deemed fully paid up only when all amounts payable have been paid and no further payment is envisaged.

Authorised signatories must use their own digital signatures for electronic company filings; facilitation risks disciplinary and legal action.
Electronic filing under the Companies Act requires that only authorised signatories may sign e-forms with digital signatures; use of another person's digital signature-even with a power of attorney or disclaimer certificate-does not meet legal requirements and constitutes impersonation, exposing practising professionals to disciplinary and legal action.

Service tax on open cast mining activities clarified: excavation, loading and transport treated as taxable services.
Excavation and removal of overburden in open cast mining constitute excavation taxable under the site formation and clearance, excavation and earthmoving and demolition service. Extraction by contractors qualifies as production/processing for the client and is taxable as business auxiliary service. Loading and unloading of coal or overburden falls under cargo handling service. Road transport of coal by providers issuing or required to issue consignment notes is taxable under goods transport agency service, and omission to issue the note is a procedural infraction that does not negate taxability.

Filing requirement for coffee growers: taxable portion computed at 25% or 40% of coffee income decides return obligation.
An individual coffee grower need not file a return if the aggregate of the prescribed taxable fraction of coffee receipts (25% for growing and curing; 40% for growing, curing, roasting and grounding, with or without mixing) plus other taxable income is equal to or less than the basic exemption (first-slab) applicable to that individual in the relevant assessment year.

Brand rate fixation: revised simplified scheme grants provisional drawback authorisation subject to post facto verification and potential revision.
A Revised Simplified Scheme allows specified eligible exporters to file standardized brand rate drawback applications and receive provisional brand rate letters to claim drawback pending departmental post facto verification. Eligibility is restricted to five defined exporter categories; applications must include prescribed DBK schedules, original duty payment documents and supporting certifications. Provisional rates are subject to revision or revocation after verification, excess payments are recoverable, and misrepresentation may lead to revocation and temporary debarment from the scheme.

Dematerialisation requirement enables shift from trade for trade to rolling settlement when non promoter holdings are dematted and certified.
SEBI directs stock exchanges to shift securities of companies connected to both depositories from TFTS to rolling settlement only if at least fifty percent of non promoter holdings are in dematerialised form, certified by the company's RTA or, if none, by a practicing Company Secretary or Chartered Accountant, and provided there are no other reasons to continue trading in TFTS; exchanges must report actions taken in the Monthly/Quarterly Development Report (Section II, item no. 13).

Extension of Filing Deadlines for tax audits and income-tax returns due to flood disruption, deadline moved to December.
The Central Board of Direct Taxes, invoking section 119 of the Income-tax Act, 1961, extended the due date for obtaining the tax audit report under section 44AB and for filing income-tax returns that were required to be furnished by 31st October, 2006, to the 31st day of December, 2006, for income-tax assessees in the State of Gujarat owing to disruption caused by heavy rains and floods.

CENVAT credit eligibility of additional customs duty affirmed; duty paid via DFCE/TPS qualifies for credit or drawback.
Additional customs duty paid in cash or through debit in certificates issued under the DFCE or Target Plus Scheme is eligible to be availed as CENVAT credit or as duty drawback. The scheme-specific notifications already provide for entitlement to drawback or CENVAT credit against amounts debited in DFCE/TPS certificates, and, following the Law Ministry's view, amendment of the CENVAT Credit Rules, 2004 is not required. Administrative guidance via Public Notices and Standing Orders should be issued for trade and staff.

CENVAT credit availability affirmed for Additional Customs Duty paid via DFCE/Target Plus certificates; amendment to rules unnecessary.
The notifications governing DFCE and Target Plus Scheme permit importers to avail drawback or CENVAT credit of additional customs duty debited in scheme certificates; consequently, additional customs duty paid in cash or by debit under DFCE/TPS may be adjusted as CENVAT credit or duty drawback, and amendment of the CENVAT Credit Rules, 2004 is not required.

Mis-declaration of imported oils prompts investigations and tightened import duty for non-edible crude palm oil.
The Board warns of increased imports of non-edible oils and the risk that edible-grade oil is being mis-declared as non-edible and sold domestically or used for adulteration. Non-edible crude palm oil has been excluded from the concessional scheme and is to be imported at the full rate of duty. Field formations are instructed to check for mis-declaration, report specific cases to the Board, investigate thoroughly, and take appropriate action while recognising legitimate imports by soap manufacturers.

Food classification: Supari treated as food under PFA Act, so customs clearance must follow food-safety requirements.
Supari (betelnut, split or whole) is an item of food within the meaning of section 2(v) of the Prevention of Food Adulteration Act, 1954, and the PFA Act's provisions and clearance requirements for food items apply to its importation; customs must follow testing and food-safety procedures and issue suitable instructions to field formations when allowing clearance from customs locations.

Handbook amendment updates SEZ and EOU contact and jurisdiction details under Foreign Trade Policy powers.
Amendment to the Handbook of Procedures under Paragraph 2.4 revises Sl. No. 39 of Appendix 1 (Volume I) to update the office designation and contact particulars for the Development Commissioner at Noida Special Economic Zone and to specify that units in Noida SEZ and EOUs/SEZs in the listed northern states and union territory are covered by this entry.

Port-restricted imports: entry permitted only through specified designated ports, narrowing authorized import gateways under trade policy rules.
The amendment revises paragraph 2(iv) of Public Notice No.46 (RE 2006) to state that imports will be allowed into India only through the following ports: Chennai, Tuticorin, Cochin, Vishakhapatnam, Mumbai, Kandla, New Mangalore and Mundra, effected under powers conferred by the Foreign Trade Policy and the Handbook of Procedures.

PAN-based account code requirement may cause rejected bank tax payments or booking to assessee suspense
Adoption of 15 digit PAN based codes and location codes under the EASIEST electronic accounting system becomes mandatory from 1-11-2006; legacy 10 digit codes are withdrawn. Banks will not accept tax remittances with missing or incorrect PAN based codes or will book such amounts to "ASSESSEE SUSPENSE." Assessees must obtain the PAN based and location codes by 31 10 2006 or notify the Commissioner of difficulties.

Uniform cut-off timings for NAV applicability ensure consistent valuation and investor protection across mutual fund schemes.
The circular prescribes uniform cut-off timing rules for NAV applicability across mutual fund schemes (excluding international schemes and exchange-traded transactions), distinguishing operative NAV determination for liquid fund schemes and for other schemes based on receipt time and payment instrument type; mandates uniform application to all investors, timely deposit of subscription instruments with bank facilities, remedial liability for losses from non-compliance, time-stamping at disclosed official points with tamper-proof machines per Schedule II, record preservation, and specified compliance and disclosure reporting to trustees and the Board.

Centralised processing of tax returns empowers designated assessing officers to process returns and issue intimations, demands, and refunds under concurrent jurisdiction.
Centralised processing applies to postal and electronic returns, with regionally designated Assessing Officers granted concurrent jurisdiction to process returns under section 143(1), issue intimations, demand notices and refunds, and carry out rectifications under section 154. Designated officers will centrally collect and store paper returns, correct mismatches between e-returns and paper returns, allow TDS/TCS credit based on return information subject to selective verification, adjust refunds against IRLA liabilities before issuing refunds, and refer potential penalty matters to the Assessing Officer for decision.

Electronic filing requirement: companies must file income-tax returns electronically; limited paper filing follows a two-step procedure.
New return forms reorganise return categories and require electronic filing options: digitally signed e-returns or a two-step electronic transmission followed by a paper return. Corporate taxpayers must e-file. New forms must be submitted without attachments; taxpayers must retain supporting documents, obtain the tax-audit report before the return due date to avoid penalties, and produce originals during assessment. TDS/TCS credit will be allowed on schedules as if certificates were filed. Filing date rules depend on digital signature or timely matching paper returns; e-returns are filed at the designated website and processed on priority.

SSI exemption conditioned on not availing Cenvat limits entitlement and raises whether branded goods inputs can claim credit.
SSI exemption is conditioned on not availing Cenvat credit for inputs used in manufacture of specified goods; a judicial precedent forbids simultaneous full exemption and credit-like benefits, posing the question whether manufacturers claiming the SSI exemption may take Cenvat credit, particularly for inputs used in branded goods which are not explicitly excluded from the definition of specified goods.